After 19 minutes of dueling, with four bidders on the telephone and one in the room, Leonardo da Vinci’s “Salvator Mundi” sold on Wednesday night for $450.3 million with fees, shattering the high for any work of art sold at auction. It far surpassed Picasso’s “Women of Algiers,” which fetched $179.4 million at Christie’s in May 2015. The buyer was not immediately disclosed.

There were gasps throughout the sale, as the bids climbed by tens of millions up to $225 million, by fives up to $260 million, and then by twos. As the bidding slowed, and a buyer pondered the next multi-million-dollar increment, Jussi Pylkkanen, the auctioneer, said, “It’s an historic moment; we’ll wait.”

Toward the end, Alex Rotter, Christie’s co-chairman of postwar and contemporary art, who represented a buyer on the phone, made two big jumps to shake off one last rival bid from Francis de Poortere, Christie’s head of old master paintings.

The price is all the more remarkable at a time when the old masters market is contracting, because of limited supply and collectors’ penchant for contemporary art.

And to critics, the astronomical sale attests to something else — the degree to which salesmanship has come to drive and dominate the conversation about art and its value. Some art experts pointed to the painting’s damaged condition and its questionable authenticity.

“This was a thumping epic triumph of branding and desire over connoisseurship and reality,” said Todd Levin, a New York art adviser.

Christie’s marketing campaign was perhaps unprecedented in the art world; it was the first time the auction house went so far as to enlist an outside agency to advertise the work. Christie’s also released a video that included top executives pitching the painting to Hong Kong clients as “the holy grail of our business” and likening it to “the discovery of a new planet.” Christie’s called the work “the Last da Vinci,” the only known painting by the Renaissance master still in a private collection (some 15 others are in museums).

“It’s been a brilliant marketing campaign,” said Alan Hobart, director of the Pyms Gallery in London, who has acquired museum-quality artworks across a range of historical periods for the British businessman and collector Graham Kirkham. “This is going to be the future.”

Times Critic Jason Farago (speaking on behalf of the Establishment) does not like the painting or its buyer.

You can’t put a price on beauty; you can put a price on a name. When the National Gallery in London exhibited a painting of Christ in 2011 as a heretofore lost work by Leonardo da Vinci, the surprise in art historical circles was exceeded only by the salivating of dealers and auctioneers.

The painting, “Salvator Mundi,” is the only Leonardo in private hands, and was brought to market by the family trust of Dmitry E. Rybolovlev, the Russian billionaire entangled in an epic multinational lawsuit with his former dealer, Yves Bouvier. On Wednesday night, at Christie’s postwar and contemporary sale (in which it was incongruously included to reach bidders beyond Renaissance connoisseurs), the Leonardo sold for a shocking $450.3 million, the highest price ever paid for a work of art at auction. Worth it? Well, what are you buying: the painting or the brand?

The painting, when purchased at an estate sale in 2005 for less than $10,000, was initially considered a copy of a lost Leonardo, completed around 1500 and once in the collection of Charles I of England. Over time, its wood surface became cracked and chafed, and it had been crudely overpainted, as an image in the sale catalog shows. Cleaned by the conservator Dianne Dwyer Modestini, the painting now appears in some limbo state between its original form and an exacting, though partially imagined, rehabilitation.

Authentication is a serious but subjective business. I’m not the man to affirm or reject its attribution; it is accepted as a Leonardo by many serious scholars, though not all. I can say, however, what I felt I was looking at when I took my place among the crowds who’d queued an hour or more to behold and endlessly photograph “Salvator Mundi”: a proficient but not especially distinguished religious picture from turn-of-the-16th-century Lombardy, put through a wringer of restorations.

Considered ‘lost’ for 66 years, Neal Cassady’s visionary ‘Joan Anderson letter’ is a foundational document of the Beat era and the inspiration for Kerouac’s literary revolutions, beginning with On the Road.

Neal Cassady’s long-lost letter to Jack Kerouac, dated 17 December 1950, has permeated virtually every conversation about the Beat era. Referenced not only by Kerouac but by Allen Ginsberg, Laurence Ferlinghetti, Herbert Hunke, and a host of their contemporaries, Cassady’s fluid, incantatory, and deeply revealing prose influenced the entire generation of Beat writers.

The letter was written on a three-day Benzedrine high, Cassady later confessed. It contained, by Kerouac’s first calculation, at least 13,000 words and ran to 40 pages, offering a compelling, unaffected and discursive account of Cassady’s frenetic love life in 1946, particularly with Joan Anderson (whom he visited in a hospital after a failed suicide), and ‘Cherry Mary’, recounting an acrobatic escape through a bathroom window when they were surprised by Mary’s aunt. The uninhibited, non-literary narrative pointed the way to the free, truthful style to which Kerouac aspired.

Overwhelmed by what he read, Kerouac wrote ecstatically to Cassady on 27 December: ‘I thought it ranked among the best things ever written in America… it was almost as good as the unbelievably good ‘Notes from the Underground’ of Dostoevsky… You gather together all the best styles… of Joyce, Céline, Dosy… and utilize them in the muscular rush of your own narrative style & excitement. I say truly, no Dreiser, no Wolfe has come close to it; Melville was never truer.’

A MAGNIFICENT & IMPORTANT CASED PAIR OF FRENCH SILVER-MOUNTED RIFLED FLINTLOCK PISTOLS
BY NICOLAS-NOEL BOUTET, VERSAILLES, THE CASE DATED ‘1825’

With blued and gilt swamped octagonal barrels each cut with multi-groove rifling and decorated with gold-inlaid bands and finely engraved panels of foliage and Empire-style ornament, engraved and gilt breeches each struck with three maker’s marks, engraved and gilt tangs decorated en suite, silver fore-sights, blued flat bevelled locks each with roller, gold-lined rainproof priming-pan and fine gold-encrusted ornament involving foliage, a dragon and a wolf, the lower edge of each lock respectively signed ‘N.N. BOUTET A VERSAILLES’ and ‘MANUFACTURE ROYALE A VERSAILLES’ in gold, each with set trigger mounted on an engraved iron trigger-plate, exquisite silver mounts cast and chased with Classical ornament against a stippled gilt ground, comprising trigger-guards each with trophy of arms finial and winged deity with laurel wreath, rear ramrod pipes each with Medusa mask, pommels each with Hercules mask, and side-plates each depicting the mythical fight between the Centaurs and Lapiths at the wedding feast of Peirithous, original silver-mounted ramrods, and each with gold escutcheon mounted behind the barrel tang bearing the name ‘BOLIVAR’, in silver-bound close-fitted veneered case lined in green velvet, the lid with tooled and gilt red Morocco lining signed ‘MANUFACTURE ROYALE / à / VERSAILLES / 1825 / N.N. BOUTET / Le Dépôt de La Manuf.re a Paris. Rue Des Filles St. Thomas No.23’, the exterior with silver escutcheon signed ‘N.N. BOUTET A VERSAILLES’ with accessories including silver-gilt-mounted powder-flask with sprung nozzle and case-hardened bullet-mould, Paris silver marks for circa 1809-1818

Provenance

Gifted by General Gilbert Motier, Marquis de Lafayette, to Simón Bolívar, El Libertador, in 1825

Gifted (before 1830) by Simón Bolívar to Jose Ignacio Paris (d. 1848)
Enriqué Paris, son, by descent
By whom sold to Enriqué Grice (d. 1860), 7 July 1851
The collection of William Goodwin Renwick (1886-1971)
Sold Sotheby’s London, Highly Important Firearms from the collection of the late William Goodwin Renwick (European, Part III), 19 March 1973, lot 21
The collection of Clay P. Bedford (1903-1991)
A private Latin American collection
A private American collection

Fortune reports that Communist China now has more billionaires than the United States does.

Even with concerns over its economy, China can now claim to have surpassed the U.S. in one wealth indicator: the number of billionaires within its borders.

A survey conducted by The Hurun Report says China now has 596 billionaires, surpassing the U.S. tally for the first time (the U.S. has 537 billionaires, according to the report). If 119 billionaires from Hong Kong, Taiwan, and Macao are added, Greater China owns 715 billionaires in the “Hurun Global Rich List.”

Christie’s, as you see (above) now holds auctions of preposterously expensive timepieces in Shanghai.

Christie’s bullshit is so totally audacious that the listener’s mind boggles at the notion that anyone with that kind of money would be stupid enough to buy it.

*And do note the spelling error!

Daily Paywall (not working today, but quoted by Fred Lapides) was appropriately skeptical.

Among the many records set at Christie’s astonishing $852.9m contemporary art sale in New York…, one has so far gone strangely unreported; the highest price ever paid for a urinal.

Robert Gober’s 1988 installation Three Urinals sold for $3.52m, which works out at just over $1m per urinal. They do not actually work – that is, they only take the proverbial in a figurative sense. But this is a good thing, for according to Christie’s their “smooth contours invite the viewer’s touch”, and hand sanitiser was not included in the price.

That a urinal by an artist you have probably never heard of is worth more than a masterpiece by one you have (a Gober urinal will buy you a fine Rubens) is down to the unique way in which the contemporary art world functions. There, the merit of works such as Gober’s is not judged in any traditional and objective artistic sense, but by value.

Expensive, say the experts, equals good. After all, Three Urinals is indistinguishable from three actual urinals except by virtue of its price, and several paragraphs of impenetrable art-speak in a catalogue. And if Gober’s urinals are worth $3.5m, then one of his sinks (he does a whole range of toilet ware) must also be worth millions.

In other words, we have collectively lost the ability to assess art for ourselves and on its own merits. Instead, we follow such indicators as fashion, price, and, in this case, hype. You may say it was ever thus. But the result today, when allied with an ever wealthier elite for whom buying contemporary art has become a form of conspicuous consumption, is an unprecedented art boom. Can it last?

Normally, speculative bubbles end when an underlying financial reality hits home. The subprime boom ended when homeowners stopped making repayments. But in the art world there are few such constraints. The only requirement is that works keep edging up in value.

Sphragistics, the study of heraldic and other seals, is of considerable interest historically and genealogically.

A very impressive collection of seals belonging to Michel Neugarten (can these possibly have belonged to the race car and film stunt driver?) will be sold by Christie’s, Sale 4889, at their South Kensington, London salesrooms on April 25th.

The collection seems to have some very interesting and luxurious 19th century examples, and a number of earlier Western European seals. Ecclesiastical specimens seem to be well represented in the collection.

That Skull and Bones balloting box was not actually sold. Apparently, Christie’s withdrew it from the sale late last month, IvyGate reports, after receiving a mysterious “title claim.” The Russell Trust has plenty of lawyers.

As part of the Carnival celebration, preceding the beginning of Lent, in the Spanish village of Laza, “Peliqueiros” or ancient tax collectors, are portrayed wearing warning cowbells and prepared to beat the villagers with sticks.39 Carnival photos.

Christies will be selling at its New York sale 2287, titled Important American Furniture, Folk Art, Silver & Chinese Export, on January 22nd, lot 157, a Skull and Bones balloting box, along with a membership book dated 1872, the graduation year of the former owner, Edward T. Owen (1850 – 1931).

Owen, after Yale, studied at Gottingen and the University of Paris, and became in 1878 professor of French language and literature at the University of Wisconsin. He taught for one year (1886) at the University of California at Berkeley. Professor Owen was also a successful real estate investor and played a prominent role in creating the park system of Wisconsin’s capital, personally donating significant portions of the city’s parks and drives.

Professor Owen apparently, as a hobby, amassed a very important collection of “lithodoctra,” which he he left to the University of Wisconsin. I am particularly impressed myself, finding the word completely unknown to both Google and the Oxford English Dictionary. Litho is obviously “stone” and doctra “teaching, instruction.” But what on earth are lithodoctra?

Professor Owen’s Bones material includes 50 photographs of members of the Yale Senior Society, including future President William Howard Taft; Morrison Remick White, who later became Chief Justice, and William Maxwell Evarts, who went on to become US Secretary of State.